Longevity – compounding the retirement crisis?

The retirement landscape continues to change as life expectancy increases in South Africa. Although we have one of the lowest life expectancies in the world – an average age of 63.6, according to World Health Organization data – we are living longer than previous generations.

According to the London Business School Review, people in their 50s have a significant chance of living into their early 90s, while those in their 60s have a 50% chance of living until their late 80s.

We already know that few South Africans can afford to retire comfortably and this issue is compounded by longevity. The global shift away from defined benefit plans to defined contribution plans has further complicated the picture and a crisis is likely.

How can financial planners help their clients navigate the new retirement landscape? Find out more in the October issue of RISKAFRICA magazine.

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